Road Safety Market: Size, Dynamics, Regional Insights and Market Segment Analysis (by Solution and Service)

Road Safety Market was valued at USD 3.24 Billion in 2021, and it is expected to reach USD 8.25 Billion by 2029, exhibiting a CAGR of 12.4% during the forecast period (2022-2029) A surge in road deaths has been a significant reason favouring road safety sales globally. According to the World Health Organization (WHO), traffic accidents kill over 1.3 million people each year and injure over 15 million more, resulting in disability or other health issues. As a result, traffic safety has gained significance, with governments throughout the world advocating steps to reduce these figures. Because of these reasons, the road safety market would gain traction throughout the projected period, surpassing USD 6 billion by 2028. Favorable actions supporting the adoption of road safety measures, such as laws and regulations and traffic-tracking devices, will go a long way toward favouring growth during the forecast period. For example, the federal government of the United States initiated the Road to Zero project in order to eradicate highway deaths by 2050. The National Safety Council created the project, which supports the deployment of safe and modern solutions to reduce road deaths. In India, the Ministry of Road Transport and Highways has also taken steps to improve road safety and minimise accidents on National Highways.

Research Methodology

The research report relies heavily on both primary and secondary data sources. The research process entails the investigation of various factors affecting the industry, such as government policy, market environment, competitive landscape, historical data, current market trends, technological innovation, upcoming technologies, and technical progress in related industries, as well as market risks, opportunities, market barriers, and challenges. All conceivable elements influencing the markets included in this research study have been considered, examined in depth, validated through primary research, and evaluated to provide the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalised, and the impact of inflation, economic downturns, regulatory & policy changes, and other variables is factored into the market forecast. This data is combined and added with detailed inputs and analysis, and presented in the report. Road Safety MarketTo know about the Research Methodology :- Request Free Sample Report

Road Safety Market Dynamics

Development in Road Safety Products: The road safety market is gaining traction as the number of traffic accidents and fatalities rises. The growing need for public security and improvements in road infrastructure bode well for industry expansion. Several advancements in road safety products have occurred in recent years. To enforce traffic discipline, red light and speed monitoring systems were traditionally erected separately along roadways and crossings. However, as technology advances, firms are focusing on providing systems that integrate speed and red light monitoring capabilities in a single unit. Jenoptik, for example, introduced TraffiStar systems, which use high-resolution cameras to provide integrated red light and speed monitoring and can capture traffic violations across four lanes. Similarly, Vitronik offers the Poliscan Red+Speed system, which is built specifically for intersections to detect speed and red light infractions of cars driving in opposite directions. Because of the introduction of such systems, the market is likely to increase significantly over the forecast period. Heavy Investment of Companies in Development of Advanced Technologies: Companies are substantially investing in the development of new technologies that use artificial intelligence, cameras, and sensors to identify traffic difficulties. Transoft Solutions (ITS) Inc., for example, provides solutions that assist urban planners in collecting, monitoring, and analysing traffic data. An in-depth examination of the acquired data is beneficial in understanding road user behaviour and traffic flow. This information assists municipal planners in making more educated and effective transportation infrastructure planning decisions. The company's BriskLUMINA system can undertake video analysis using the current road camera infrastructure. This information is used to track near-misses and other incidents that might lead to a crash. Such technologically advanced solutions benefit not just law enforcement but also infrastructure planning that can completely lower the risk of road accidents. Increase in Government Initiatives towards Road Safety: Several countries around the world are working to reduce road accidents through a variety of programmes and initiatives. To combat the rising number of road accidents and fatalities, governments around the world are focused on preserving traffic discipline and assuring commuter safety. Growing concern about public safety has compelled authorities to invest in road infrastructure. Singapore, for example, has announced the Smart Mobility 2030 strategy plan, which was produced together by the Intelligent Transportation Society Singapore (ITSS) and the Singapore Land Transport Authority (LTA). The effort aims to implement intelligent transportation technology to provide commuters with sustainable smart mobility alternatives. As of July 2019, the Smart Mobility 2030 effort had tested or implemented new speed camera systems, ANPR camera systems, smart traffic signal management systems, and green link determination technologies. Such road infrastructure development projects are projected to fuel the need for road safety products in the future years. Road Safety MarketRising Demand of Connected Commercial Vehicles: The growing preference for connected commercial vehicles is assisting road safety solution providers in implementing solutions that can gather vehicles and road infrastructure at the same time. Thus, investments in establishing infrastructure to enable connected and autonomous cars open up new opportunities for providers of road safety solutions. Companies can contribute current data to assess road user behaviour and traffic mobility, as well as aid in the development of better road infrastructure. For example, IDEMIA's Mesta Control system connects data from several modules such as traffic management, law enforcement, and others to provide a comprehensive analysis report. This lowers the need for multiple sensors to be installed on road infrastructure. Such solutions are expected to have a substantial influence on market growth, which will be aided by the introduction of connected automobiles. Lack of Uniform Technologies - The standardisation of connected road safety technology is essential for its broad implementation. The road safety system is comprised of linked car technologies and connected infrastructure. Price and connectivity availability are two of the obstacles in integrating connected technology in autos and road infrastructure. There is a lack of standards and standardisation in road safety measures. The complete road safety system is comprised of hardware and software components from many manufacturers. Cameras, radars, sensors, tags, and other devices have different specs depending on the manufacturer and aren't necessarily compatible with every underlying platform. Furthermore, many nations and areas have their own communication, network, and protocol standards and protocols, making it difficult for solution providers to supply their services internationally. Equipment purchased in Europe must function throughout Europe; equipment purchased in the United States must function in Canada. Increase Concern about Personal Information Protection and Privacy - Technological improvements have resulted in several good benefits. Cloud computing, the internet, big data, and analytics are just a handful of the technologies and platforms that have altered several application sectors. Road safety is an example of an area that has grown through time and is effectively incorporating V2V and V2I networking technology. Hackers can use this connection to attack any endpoint, gateway, sensor node, or network. In the road safety ecosystem, linked vehicles and connected road infrastructure will create massive volumes of data. This data will be extremely valuable, and hackers will be able to exploit it quickly. This data might potentially be used to improve infrastructure for traffic control, road safety, and commercial objectives. Because insurance firms might use the received data to estimate risk, data ownership must be verified.

Road Safety Market Segment Analysis

Based on Solution, the market is segmented into Red Light & Speed Enforcement, ANPR/ALPR Incident Detection & Response and Others. In 2021, Automatic Number/License Plate Recognition (ANPR/ALPR) had the biggest market share, accounting for more than 25% of total market revenue. The ANPR/ALPR segment's substantial revenue share is due to a variety of end use applications such as parking lots, road intersections, schools, and private land, among others. These solutions assist in the recovery of a car in the event of theft, criminal activity, or traffic offences. The systems are also noted for providing 24-hour monitoring, even in low light or adverse weather, which adds to their popularity. Apart from ANPR/ALPR, the market is divided into red light and speed enforcement, as well as incident detection and investigation. In 2021, the red light and speed enforcement segment accounted for more than half of global revenue. Over the forecast period, the segment is expected to grow at a CAGR of more than 10%. To enforce traffic discipline, these systems were traditionally built at road intersections or along roads. Companies began to focus on creating systems that offer speed and red-light monitoring functionality in a signal device as technology advanced. In 2021, these advancements in product design fuelled market growth, which is predicted to continue for the next seven years. For example, TraffiStar and Jenoptik offer combined speed monitoring and red light enforcement using high-resolution cameras. Road Safety MarketBased on Service, the market is sub-segmented into professional service and managed service. The managed road safety services segment is expected to grow at a rate of more than 9% for the forecast period. End-to-end management and control of these services are provided by dedicated suppliers, making them a popular choice among end clients. The segment's rapid rise can be attributed to clients' increased preference for service outsourcing. The ease of doing business and comfort of outsourcing services is major element driving global demand for managed services. The professional services area is the second largest leading segment in 2021, the segment accounted for more than 70% of total revenue, and by 2029. The equipment must be calibrated before it can be used, and it must be maintained and monitored on a regular basis.

Road Safety Market Regional Insights

With a revenue share of approximately 27% in 2021, Europe will lead the demand for road safety solutions. North America, on the other hand, is expected to dominate regional demand by 2029, followed by the Asia Pacific. Sales in Europe have been helped by state-of-the-art road infrastructure and strong technological penetration until 2021. With multiple businesses establishing a strong regional presence as well as a significant end customer base, the region will continue to contribute to total market demand. In 2021, North America accounted for one-fourth of total industry revenue. Over the forecast period, large-scale infrastructure projects and actions to improve safety in mobility services are expected to support regional growth. During the forecast period, Asia Pacific is expected to grow at a CAGR of over 12%, owing to infrastructural development and the desire to reduce traffic congestion and road deaths. The future of road safety is uncertain, and it is not the same in many countries around the world. Countries in Europe have a developed road safety system that focuses on proactive approaches. Although the death rate from traffic accidents in Europe is lower than the global average, it differs greatly between nations. As a result, some nations are developing road safety policies to reduce the probability of such fatalities. Road safety initiatives and rules will maintain the demand for road safety equipment in the EU stable. Road traffic deaths and injuries in low and middle-income countries are estimated to cost up to 5% of GDP, according to the research. Pedestrians, cyclists, and motorcyclists account for more than half of all global road traffic deaths, despite the fact that they are typically disregarded in the design of road traffic systems in many countries. Africa has the greatest mortality rate (26.6 deaths per 100,000 people), whereas Europe's average rate of 9.3 deaths per 100,000 people is much lower than the world average of 17.4 deaths per 100,000 people. The recently established 2030 Agenda for Sustainable Development has set an ambitious road safety objective of lowering the number of traffic deaths and injuries worldwide. Road Safety Market

Objective of the Report

The Road Safety Market research report covers product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, and the most recent dynamic analysis, among other things. The report discusses the global market's drivers, opportunities, and limitations. It discusses the influence of various drivers, trends, and restraints on market demand during the forecast period. The research also outlines market potential on a global scale. The research includes the production time, base distribution, technical characteristics, research and development trends, technology sources, and raw material sources of main Road Safety Market firms in terms of production bases and technologies. The more precise study also contains the primary market and consumer application sectors, significant regions and consumption, major producers, distributors, raw material suppliers, equipment providers, and their contact information, as well as an industry chain relationship analysis. This report's study also contains product specifications, manufacturing processes, cost structure, and data information organised by area, technology, and application.

Road Safety Market Scope: Inquire before buying

Road Safety Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US $ 3.24  Bn.
Forecast Period 2022 to 2029 CAGR: 12.4% Market Size in 2029: US $ 8.25 Bn.
Segments Covered: by Solution • Red Light & Speed Enforcement • ANPR/ALPR • Incident Detection & Response • Others
by Service • Professional services • Managed services

Road Safety Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Road Safety Market Key Players

• Kapsch Traffic Com • Sensys Gatso Group • Redflex Holdings • Verra Mobility • IDEMIA • FLIR Systems • Motorola Solutions • SWARCO • Information Engineering Group Inc. • Cubic Corporation • Siemens • Conduent • VITRONIC • Kria • Laser Technology • Optotraffic • Syntell • Traffic Management Technologies • AABMATICA • Clearview Intelligence • Dahua Technology • Truvelo • Trifoil • Continental AG

Frequently Asked Questions:

1) What was the market size of Global Road Safety Market in 2021? Ans - Global Global Road Safety Market was worth US$ 3.24 Bn. in 2021. 2) What is the market segment of the Road Safety Market? Ans -The market segments are based on Service and Solution. 3) What is the forecast period considered for Global Road Safety Market? Ans -The forecast period for Global Road Safety Market is 2022 to 2029. 4) What is the market size of Global Road Safety Market markets in 2029? Ans – Global Road Safety Market is estimated as worth US$ 8.25 Bn. 5) Which region is dominated in Global Road Safety Market? Ans -In 2021, the Europe region dominated the Global Road Safety Market.
1. Global Road Safety Market : Research Methodology 2. Global Road Safety Market : Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Road Safety Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Road Safety Market : Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-17.6 Impact 4. Global Road Safety Market Segmentation 4.1. Global Road Safety Market ,by Solution (2021-2029) • Red Light & Speed Enforcement • ANPR/ALPR • Incident Detection & Response • Others 4.2. Global Road Safety Market ,by Service (2021-2029) • Professional services • Managed services 5. North America Road Safety Market (2021-2029) 5.1. North America Road Safety Market ,by Solution (2021-2029) • Red Light & Speed Enforcement • ANPR/ALPR • Incident Detection & Response • Others 5.2. North America Road Safety Market ,by Service (2021-2029) • Professional services • Managed services 5.3. North America Road Safety Market , by Country (2021-2029) • US • Canada • Mexico 6. European Road Safety Market (2021-2029) 6.1. European Road Safety Market ,by Solution (2021-2029) 6.2. European Road Safety Market , by Service (2021-2029) 6.3. European Road Safety Market , by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Road Safety Market (2021-2029) 7.1. Asia Pacific Road Safety Market ,by Solution (2021-2029) 7.2. Asia Pacific Road Safety Market , by Service (2021-2029) 7.3. Asia Pacific Road Safety Market , by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Road Safety Market (2021-2029) 8.1. Middle East and Africa Road Safety Market ,by Solution (2021-2029) 8.2. Middle East and Africa Road Safety Market , by Service (2021-2029) 8.3. Middle East and Africa Road Safety Market , by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Road Safety Market (2021-2029) 9.1. Latin America Road Safety Market ,by Solution (2021-2029) 9.2. Latin America Road Safety Market , by Service (2021-2029) 9.3. Latin America Road Safety Market , by Country (2021-2029) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Continental AG 10.1.1. Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Kapsch Traffic Com 10.3. Sensys Gatso Group 10.4. Redflex Holdings 10.5. Verra Mobility 10.6. IDEMIA 10.7. FLIR Systems 10.8. Motorola Solutions 10.9. SWARCO 10.10. Information Engineering Group Inc. 10.11. Cubic Corporation 10.12. Siemens 10.13. Conduent 10.14. VITRONIC 10.15. Kria 10.16. Laser Technology 10.17. Optotraffic 10.18. Syntell 10.19. Traffic Management Technologies 10.20. AABMATICA 10.21. Clearview Intelligence 10.22. Dahua Technology 10.23. Truvelo 10.24. Trifoil

About This Report

Report ID 114563
Category Automotive and Transportation
Published Date Aug 2022
Updated Date
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